I jumped in the Vanguard Managed Payout fund at the beginning of the year but plan to fully jump out at the end of the year. (As a politician said, "I voted for it before I voted against it"
My short time in it, I really can't say if they are good, worthwhile or not. But my rational of changing my mind is that the payout fund just added another layer for me to "mess with" when I tally up my asset allocations.
I decided to just stick to indexes and reallocate and use the profits (I hope) and auto pay that each month in my checkbook at the start of each year.
A previous thread: From paycheck to Managed Payout Fund